How to harness the power of reciprocity with COIs

One of the fundamental laws of social psychology and human relationships is when you do something beneficial for others, they will be more inclined to reciprocate and do something worthwhile for you.

“I learned that doing good things for others does not need to take a lot from you, but it goes a long way in building and cultivating relationships, especially with influential people who will benefit our work as financial advisors,” said Ana Fanlo, a seven-year MDRT member from Davao City, Philippines.

Fanlo offers three ways financial advisors can harness the reciprocity principle by generously giving to others.

1. Build genuine friendships

Fanlo doesn’t approach people with insurance policies immediately. “I make it a point to get to know them first over coffee and understand their needs and challenges. My treat,” she said. “Then, and only then, will I craft a policy that addresses their requirements. I’m deliberate about it.”

2. Give support in difficult times

Fanlo stands by clients during life’s most challenging moments. When her friend and client faced her mother’s battle with cervical cancer, Fanlo’s expertise came to the rescue. The insurance policies she had previously secured for the family significantly eased the burden of medical bills, solidifying her relationship with her client and opening doors to new opportunities.

Her friend became a center of influence (COI) for Fanlo in local Muslim communities, which often prefer cash and more traditional investments instead of insurance. Her friend referred her to prospects and even encouraged Fanlo to use her family’s story as a case study.

3. Share knowledge and offer service

Fanlo found her dedication to a deeper purpose as a financial advisor often inspires people to become COIs for her.

“In our line of work,” Fanlo said, “it is important to treat clients and the people around us the best we can, as they can be our COIs. You will be top of mind for referrals because they experience firsthand what you can do.”

Antonette Reyes writes for Team Lewis, a communications agency assisting MDRT with content development for Asia-Pacific markets. This was excerpted from “Harnessing the reciprocity principle with centers of influence.”

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